PCS Overview

The PCS initiative is composed of the PCS Association, a Belgian not-for-profit association and and its two subsidiaries.  One, PCS UK, based in London and the other, PCS EU, based in Paris.

The PCS Association is the governing body for the PCS initiative, setting its strategic direction.

Its two subsidiaries are the operating companies of the PCS initiative.  They perform the STS verifications, the CRR/LCR assessments and issue the PCS Labels

PCS Association

The PCS Association is a Belgian ‘association sans but lucratif’ (a not-for-profit association) registered in 2012 under the Belgian law of 27th June 1921 and with its registered office in Brussels. It has 44 members who have an equal vote at its bi-annual general meetings. For a list of the PCS Association members please go here.

Its governing body a Board of Directors of nine headed by a Chairperson. The Board and the Chairperson are elected by the members. The list of Board members and the Chairperson can be found here.

In addition to the members, the PCS Association has Permanent Observers who are entitled to attend all its meetings and receive all the association papers. The Permanent Observers are not members though and do not have a vote. The list of Permanent Observers can be found here.

The Board of the PCS Association has the primary responsibility for the strategic direction of PCS, the criteria for both PCS Labels, for the development of new standards and for overseeing the PCS initiative’s advocacy. To assist it, the Board has constituted a Market Committee, composed of experts from all parts of the market. The Market Committee has the role of providing feedback to the Board on the operation of the STS market, as well as advising the Board on label criteria and new developments in the market. The list of Market Committee members can be found here.

Membership of or observer status in the PCS Association is not closed and any company or association wishing to join should send a mail to: admin@pcsmarket.org.

(Membership is not open to individuals.  Members should be involved in the European securitisation market and there is a small one-off membership fee,)


For more information on these companies, please see the PCS Group page.

Further information

    • PCS Articles of Association (English) more >
    • PCS Articles of Association (French) more >
    • The PCS Group more >